In regards to motor vehicle accidents, diminished value claims refer to the decrease in resale value of a vehicle that has been involved in a collision and subsequently repaired. Laws regarding whether or not insurance agencies are required to compensate for diminished value differ from state to state. In Texas, insurance agencies are not legally required to pay; however, you may still be eligible for compensation in some situations. After the necessary repairs have been done, if your vehicle still does not function as it did before the accident, your car insurance company may still agree to use the diminished value of the vehicle as a way to measure damages and agree on a settlement.
SOME CONSIDERATIONS WHEN FILING A DIMINISHED VALUE CLAIM
If you are having trouble negotiating a diminished value claim with your insurance company, an experienced attorney may be able to help you reach an agreeable settlement. Before considering whether or not to pursue this compensation, you should be aware of the following:
- Diminished value claims are rarely awarded to at-fault parties.
- One exception to at-fault diminished value claims is when uninsured or under-insured parties are involved.
- If you were the victim in the collision, meaning you were not found at fault, the responsible party’s insurance agency would be expected to compensate you.
Diminished value claims can be tricky. However, your chances of filing a successful diminished value claim increase greatly when you employ an experienced and qualified attorney.
CONTACT A SAN ANTONIO CAR ACCIDENT ATTORNEY
If you were involved in an accident for which you were not responsible, you don’t have to face the insurance companies alone. Call (210) 899-5440 today to speak to an attorney with the Chris Mayo Law Firm find out how we can help you get a fair settlement for your damages.